Piper Sandler Issues Pessimistic Forecast for Myriad Genetics (NASDAQ:MYGN) Stock Price

Myriad Genetics (NASDAQ:MYGN) had its target price decreased by research analysts at Piper Sandler from $12.50 to $9.00 in a research note issued on Thursday,Benzinga reports. The brokerage presently has an “overweight” rating on the stock. Piper Sandler’s target price would suggest a potential upside of 117.92% from the company’s previous close.

Other equities analysts also recently issued reports about the company. UBS Group lowered their price objective on Myriad Genetics from $16.00 to $7.00 and set a “neutral” rating for the company in a research report on Wednesday, May 7th. Bank of America lowered their price objective on Myriad Genetics from $13.00 to $11.00 and set an “underperform” rating for the company in a research report on Monday, March 3rd. Stephens reissued an “equal weight” rating and set a $20.00 price objective on shares of Myriad Genetics in a research report on Thursday, January 16th. The Goldman Sachs Group lowered their price target on Myriad Genetics from $14.00 to $8.00 and set a “buy” rating for the company in a report on Wednesday, May 7th. Finally, Wolfe Research downgraded Myriad Genetics from an “outperform” rating to a “peer perform” rating in a report on Thursday, May 8th. Three research analysts have rated the stock with a sell rating, ten have assigned a hold rating and five have assigned a buy rating to the company. According to data from MarketBeat, the stock currently has an average rating of “Hold” and a consensus price target of $15.79.

Myriad Genetics Stock Performance

Shares of Myriad Genetics stock opened at $4.13 on Thursday. Myriad Genetics has a one year low of $3.81 and a one year high of $29.30. The company has a market cap of $380.69 million, a PE ratio of -3.18 and a beta of 2.01. The company has a debt-to-equity ratio of 0.05, a quick ratio of 1.73 and a current ratio of 1.90. The business has a 50-day simple moving average of $7.74 and a 200-day simple moving average of $11.95.

Myriad Genetics (NASDAQ:MYGN) last announced its quarterly earnings data on Tuesday, May 6th. The company reported ($0.03) EPS for the quarter, topping analysts’ consensus estimates of ($0.05) by $0.02. Myriad Genetics had a negative return on equity of 4.51% and a negative net margin of 14.09%. The business had revenue of $195.90 million during the quarter, compared to the consensus estimate of $200.37 million. During the same period in the previous year, the company posted ($0.01) earnings per share. The business’s revenue for the quarter was down 33.6% on a year-over-year basis. On average, equities research analysts forecast that Myriad Genetics will post -0.3 EPS for the current fiscal year.

Institutional Investors Weigh In On Myriad Genetics

Several large investors have recently modified their holdings of the company. Vanguard Group Inc. boosted its holdings in shares of Myriad Genetics by 0.7% in the first quarter. Vanguard Group Inc. now owns 10,667,755 shares of the company’s stock valued at $94,623,000 after acquiring an additional 76,712 shares during the period. Earnest Partners LLC boosted its holdings in shares of Myriad Genetics by 0.4% in the fourth quarter. Earnest Partners LLC now owns 3,971,598 shares of the company’s stock valued at $54,451,000 after acquiring an additional 15,650 shares during the period. Artisan Partners Limited Partnership boosted its holdings in shares of Myriad Genetics by 13.9% in the fourth quarter. Artisan Partners Limited Partnership now owns 2,766,729 shares of the company’s stock valued at $37,932,000 after acquiring an additional 336,770 shares during the period. Sei Investments Co. lifted its holdings in shares of Myriad Genetics by 7.4% during the fourth quarter. Sei Investments Co. now owns 2,526,761 shares of the company’s stock worth $34,642,000 after purchasing an additional 174,770 shares during the period. Finally, D. E. Shaw & Co. Inc. lifted its holdings in shares of Myriad Genetics by 58.1% during the fourth quarter. D. E. Shaw & Co. Inc. now owns 1,819,814 shares of the company’s stock worth $24,950,000 after purchasing an additional 668,429 shares during the period. 99.02% of the stock is owned by institutional investors and hedge funds.

About Myriad Genetics

Myriad Genetics, Inc, a genetic testing and precision medicine company, develops genetic tests in the United States and internationally. The company offers molecular diagnostic tests for use in oncology, and women's and pharmacogenomics. It also provides MyRisk Hereditary Cancer Test, a DNA sequencing test for assessing the risks for hereditary cancers; BRACAnalysis CDx Germline Companion Diagnostic Test, a DNA sequencing test to help determine the therapy for patients with metastatic breast, ovarian, metastatic pancreatic, and metastatic prostate cancer with deleterious or suspected deleterious germline BRCA variants; and MyChoice CDx Companion Diagnostic Test, a tumor test that determines homologous recombination deficiency status in patients with ovarian cancer.